Every middle schooler’s fear: Giving a party and nobody comes! The ultimate embarrassment for any middle schooler, but did you know it happens to businesses all the time?
Businesses will launch a product thinking it will be the beginning of huge success. Then when no one buys it, they either take a big loss or are out of business.
This is where a Minimal Viable Product (MVP) comes in to help. This is a special product that can test the market to see if it is something people want. One of the easiest ways to test it is with Facebook Ads.
Why Facebook Ads? Well, Facebook has 2.8 billion active users a month! That is a pretty good sample size. Here are some Facebook ad tips we think can help you use Facebook to help validate your MVP.
Know Your Market
CB Insights found that 34% of startups fail because there was no market need for their product. We have seen this time after time. Businesses have a great idea but forget to see if the market thinks it is a great idea.
Building a product based on an original thought is great, but we must see if the market even wants the product. The most successful clients we have worked with do the research on their market.
The key before building any product is to know what market you are going after. Are you going after 30-35-year-old mothers of young children or 25-30-year-old single career-focused women?
You have to niche down and discover the audience for your product to figure out who you want to market it to. Then you must answer the question, “How does my product meet their needs?”
This is the key question we have helped people figure out when trying to sell a product. Too often, clients want their products to go to everyone, but that isn’t realistic, and it will hinder feedback. Feedback must be focused on helping us.
The beauty of Facebook marketing is it can be very focused. You can be as specific as you want with the people you are reaching out to.
You can target people who are married or single, sports fans or book fans, CEOs or plumbers. Facebook ads can give you the specific data you need for your advertising strategies.
This can help you save time and money with your advertising, plus it forces you to define your market and decide how to reach them.
Facebook Ads as Data
One of the most important elements of launching an MVP is to get the data. Some startups have advertised their product before they even built it to see if the market wanted it.
Buffer is a company that did that. They put a landing page up advertising what they wanted to do. They advertised and asked people to sign up to get the information when they launched.
They had enough interest from that sign-up that they started the company. Their MVP was only an idea, and they were able to get the important data to see if the market wanted it.
Facebook ads give you the bonus of tracking which ads worked with which group of people you want to reach. They can tell you who responded to which of your ads, and that gives you invaluable feedback.
We have seen clients get their first sets of data from Facebook and then change their advertising focus. This brought in more customers and significantly increased conversion rates.
One of the main points of having an MVP is to get the data from your market. Facebook advertising is a built-in data collector with a market of over 2.8 billion.
The data you collect can focus your advertising strategies and even the tone of your ads. This saves you from wasting time, energy, and money just running ads and hoping they work.
Implement the Feedback
We have found that the most important part of doing an MVP is often neglected. Too often, people receive the feedback but don’t implement it into their MVP and their advertising strategies.
You have to be willing to take the feedback and don’t try to read into it. This can be hard when the idea behind your MVP is your brainchild. You don’t want to see it changed.
The strength of Facebook feedback comes with its focus on your target market. You could even implement a strategy of Facebook surveys to start getting data even before you advertise.
This can give you even more feedback to focus your advertising. When you target a specific demographic, their feedback must be implemented, or you have wasted your money.
We have found it is best to have several sets of eyes look at the feedback with you. This could be people within your company or those who are helping you with the process.
Every person sees things differently, and when you have different people look at the feedback, you are more likely to get an honest picture of how your MVP is really doing in the market.
The Facebook Jungle Guide
Facebook ads can be intimidating for many people. You hear that they work, and you hear that they don’t work. It can be confusing especially if you are wanting to launch an MVP and have limited money.
We have created a team of high-performing Facebook Ad Strategists who can act as guides in the Facebook Jungle for you. We help you navigate the market and find the right focus for your product. We want to be your Facebook business partners helping you build a successful business using the power of Facebook. Let’s book a free 30-minute discovery call to see if digital advertising is a fit for you.
Grab this guide if you need effective techniques to minimize your Facebook ad costs.
Results-driven, dynamic Director of Sales & Marketing turned Certified Master Marketer, Tammy uses all of her digital marketing smarts for good…she has managed millions of dollars in top-line revenue and hundreds of thousands of dollars in advertising spend while consistently generating a 2:1 return inside the Facebook & Google Ad platforms. Follow Tammy on Facebook & Instagram.